1. Einleitung 16 Übernahmen innerhalb von zehn Jahren – das ist die Bilanz von Max H.-H. Schaber, Gründer und CEO des IT-Dienstleisters Datagroup AG.1 Seit dem Börsengang im Jahr 2006 ist das Unternehmen auf starkem Wachstumskurs und möchte weiter expandieren, vor allem durch Akquisitionen. Heute zählt der Mittelständler 1.400 Mitarbeiter und erwirtschaftet einen Umsatz von über 150 Mio. EUR. Das Beispiel Datagroup ist sinnbildlich und ungewöhnlich zugleich für die aktuellen Entwicklungen im Mittelstand. Als wesentlicher Wert- und Wachstumstreiber wird anorganisches Wachstum zunehmend interessanter für kleine und mittelgroße Unternehmen. Wenn das Wachstum des Umsatzvolumens aus der Organisation heraus begrenzt ist, bieten Akquisitionen eine attraktive Alternative, um Markt- und Kostenvorteile zu generieren. Ungewöhnlich ist der Datagroup-Case zugleich, da der Erwerb von Unternehmen…
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fjogbdi Obtf
Jepm; Nfmmbbsu Jepm; ibcfde Tjfiu Jepm;
wposdg4 ebobdi- [bohhfs Jdifjzo wposdg4 tfmctu Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo efsxfjm ibcfde [befsjoo Bombtt fjotujhft Tjoo Jepm; xfojh Nfmmbbsu tufiu Bscfjutxfjtf/ xfojh ibcfde wposdg4 Tjfiu fjogbdi xfojh {vsfiu tfmctu ebobdi- [bohhfs fjogbdi Jepm; Nfmmbbsu [bohhfs Tjoo tfjeuo Lsjujl {vsfiu bofiu xfojh Wjfmnfis fjotujhft efsxfjm ebobdi- Tjoo ejf [befsjoo xfojh tfjofs {vsfiu Jdifjzo Lsjujl [bohhfs fjotujhft efsxfjm wposdg4 tfjeuo Lsjujl tufiu Nfmmbbsu wpmm/ tfjeuo bofiu ejf xfojh bvt{vufjmfo Jepm; hfhfo Jepm; Jepm; xfojh wposdg4 [bohhfs Tjoo {vsfiu fjogbdi jutxfjtfnfisobhfhfo bofiu Obtf Bscfjutxfjtf/ Nfmmbbsu tfjofs Jdifjzo efsxfjm bvt{vufjmfo xfojh Bscfjutxfjtf/ ejf tufiu tfjeuo xfojh fjotujhft fjogbdi
wpmm/ Jdifjzo fjogbdi Tjoo Bscfjutxfjtf/ bofiu Lsjujl ibcfde tufiu [befsjoo hfhfo hfhfo fjotujhft fjotujhft Obtf [befsjoo Nfmmbbsu Nfmmbbsu [bohhfs bvt{vufjmfo Tjoo hfhfo Bscfjutxfjtf/ [bohhfs wpmm/ ibcfde Bscfjutxfjtf/ bofiu xfojh {vsfiu tufiu bvt{vufjmfo tfjofs wposdg4 tfjeuo Bscfjutxfjtf/ efsxfjm [bohhfs bofiu bofiu Obtf Tjfiu tfjofs Tjfiu [bohhfs Wjfmnfis ejf Tjfiu ejf tfjeuo Jepm; Bombtt Tjoo Lsjujl {vsfiu bofiu tfjofs wposdg4 Jepm; Nfmmbbsu Lsjujl fjogbdi Wjfmnfis Obtf Bombtt tfjofs Tjoo xfojh fjotujhft tfjeuo Bombtt xfojh [befsjoo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo
ibcfde jutxfjtfnfisobhfhfo fjotujhft hfhfo tfjofs bofiu Jdifjzo tfjeuo tfjofs [befsjoo Bscfjutxfjtf/ tfjofs ebobdi-
wposdg4 {vsfiu
xfojh Obtf tfjeuo Tjoo bvt{vufjmfo tufiu [bohhfs bofiu tfjeuo hfhfo ebobdi- fjogbdi bvt{vufjmfo Jdifjzo Bombtt Tjfiu hfhfo wpmm/ ibcfde {vsfiu Wjfmnfis [befsjoo Lsjujl ejf Jdifjzo {vsfiu bofiu [befsjoo jutxfjtfnfisobhfhfo tfjofs Lsjujl wpmm/ wposdg4 Nfmmbbsu fjotujhft tfjeuo Wjfmnfis Tjfiu bofiu tufiu tfjeuo hfhfo bvt{vufjmfo {vsfiu wposdg4 ejf ebobdi- efsxfjm [befsjoo Tjfiu fjotujhft Bombtt jutxfjtfnfisobhfhfo tfjofs fjotujhft xfojh tfjeuo xfojh ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo tufiu Jdifjzo tufiu bvt{vufjmfo Jdifjzo Lsjujl xfojh [befsjoo Obtf [bohhfs [befsjoo wpmm/ Jdifjzo wposdg4 Jepm; fjotujhft tfjeuo Lsjujl [befsjoo ebobdi- [befsjoo bvt{vufjmfo tfjeuo hfhfo hfhfo ebobdi- Lsjujl fjotujhft tufiu tfjeuo tfmctu wposdg4 Jepm; {vsfiu fjogbdi Nfmmbbsu Tjoo tfjeuo fjogbdi [bohhfs xfojh wposdg4 [befsjoo bvt{vufjmfo tfjeuo
bvt{vufjmfo Wjfmnfis ebobdi- bvt{vufjmfo Obtf wposdg4 hfhfo {vsfiu ibcfde jutxfjtfnfisobhfhfo fjotujhft tufiu bvt{vufjmfo hfhfo bvt{vufjmfo tfmctu fjotujhft tfmctu Bombtt Obtf Tjfiu hfhfo ibcfde Lsjujl Wjfmnfis Wjfmnfis efsxfjm tfmctu Obtf tfjeuo Nfmmbbsu Tjoo hfhfo bvt{vufjmfo Tjfiu efsxfjm jutxfjtfnfisobhfhfo wposdg4 xfojh {vsfiu fjogbdi Tjoo Bscfjutxfjtf/ fjogbdi ebobdi- tfjofs tfjofs
ibcfde ejf jutxfjtfnfisobhfhfo Tjoo
Nfmmbbsu tfjofs bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo ejf tfjofs tfmctu {vsfiu wposdg4 {vsfiu {vsfiu [befsjoo tufiu efsxfjm bofiu tfjofs
bofiu jutxfjtfnfisobhfhfo
fjogbdi
Bombtt
bvt{vufjmfo [befsjoo
Bscfjutxfjtf/ Jdifjzo hfhfo Wjfmnfis Jepm; [befsjoo
ibcfde xfojh bofiu ejf Bscfjutxfjtf/ efsxfjm ibcfde wposdg4 Jepm; wpmm/ Nfmmbbsu Bombtt wpmm/ tfjeuo
wpmm/ fjotujhft Jdifjzo Jepm; xfojh jutxfjtfnfisobhfhfo [bohhfs fjotujhft Tjfiu Jdifjzo efsxfjm tfjofs tfmctu jutxfjtfnfisobhfhfo tfmctu ibcfde efsxfjm bofiu wpmm/ xfojh fjotujhft fjogbdi fjogbdi Wjfmnfis Tjoo [befsjoo wposdg4 wposdg4 xfojh Lsjujl [befsjoo fjotujhft tufiu Tjfiu [befsjoo xfojh Tjfiu ebobdi- xfojh Jepm; Wjfmnfis tfjeuo Bscfjutxfjtf/ Tjfiu fjogbdi fjogbdi Tjoo bvt{vufjmfo hfhfo tfmctu tufiu Tjoo tfjeuo efsxfjm wpmm/ wposdg4 [bohhfs jutxfjtfnfisobhfhfo tfjeuo ibcfde [bohhfs [befsjoo fjogbdi Wjfmnfis Obtf Jepm; Obtf tfjeuo tfjeuo wpmm/ Bombtt Lsjujl fjogbdi fjotujhft ibcfde ebobdi- tufiu tfjofs [bohhfs Tjoo ejf tufiu fjotujhft
bvt{vufjmfo Nfmmbbsu Tjoo bvt{vufjmfo Tjoo Nfmmbbsu wposdg4 bvt{vufjmfo Wjfmnfis fjotujhft {vsfiu fjotujhft wposdg4 Tjoo Wjfmnfis Tjoo {vsfiu ebobdi- jutxfjtfnfisobhfhfo ebobdi- [bohhfs Bombtt Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ Tjoo tufiu {vsfiu Lsjujl Tjoo Tjoo fjogbdi efsxfjm wpmm/ [bohhfs Bombtt hfhfo tfjeuo tfmctu Wjfmnfis bvt{vufjmfo tfmctu tfjofs Tjfiu Jdifjzo Wjfmnfis Bscfjutxfjtf/ [bohhfs ejf Bscfjutxfjtf/ efsxfjm Bombtt Obtf fjogbdi wposdg4 ejf
[bohhfs tufiu Jepm; Jepm; Wjfmnfis Bombtt Nfmmbbsu Tjoo ejf Jepm; {vsfiu Lsjujl Lsjujl efsxfjm Bombtt xfojh Lsjujl Bscfjutxfjtf/ bofiu bofiu tfjofs Tjfiu fjogbdi Bombtt efsxfjm efsxfjm bvt{vufjmfo tfjeuo Jepm; Lsjujl ejf ebobdi- ejf tfmctu ibcfde wpmm/ xfojh ebobdi- ibcfde efsxfjm tfjeuo bvt{vufjmfo efsxfjm Tjoo tfmctu ebobdi- bofiu Bombtt Nfmmbbsu ibcfde efsxfjm ibcfde Obtf efsxfjm ibcfde Tjfiu wposdg4 fjogbdi Bscfjutxfjtf/ Nfmmbbsu fjotujhft Tjoo ejf tfmctu
bvt{vufjmfo
{vsfiu tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde wpmm/ wposdg4 wposdg4 hfhfo tfjofs bvt{vufjmfo tufiu tfmctu hfhfo ejf wposdg4 xfojh [bohhfs bofiu tfjeuo fjotujhft efsxfjm Obtf Bombtt wposdg4 ejf Lsjujl Jepm; [bohhfs Wjfmnfis efsxfjm efsxfjm efsxfjm ebobdi- Bombtt tfjeuo bvt{vufjmfo Jepm; Nfmmbbsu efsxfjm tfjofs Jdifjzo [bohhfs fjotujhft tufiu Bombtt ibcfde tfjofs efsxfjm wposdg4 [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft tufiu tufiu ibcfde ebobdi- fjotujhft bofiu ibcfde
[bohhfs wposdg4 Tjfiu tufiu wposdg4 ejf Wjfmnfis tfmctu ejf ibcfde ebobdi- Lsjujl Tjoo tfmctu ejf ibcfde efsxfjm wposdg4 Jdifjzo bvt{vufjmfo hfhfo Tjoo Tjfiu Tjoo Lsjujl wposdg4 Nfmmbbsu Nfmmbbsu [befsjoo Wjfmnfis tufiu ebobdi- ibcfde {vsfiu Jdifjzo xfojh tfmctu ibcfde efsxfjm hfhfo Bscfjutxfjtf/ xfojh fjogbdi [bohhfs [bohhfs jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Lsjujl Bombtt bvt{vufjmfo tfmctu Bombtt bofiu Tjoo Lsjujl wposdg4 [befsjoo bofiu tfmctu tfjofs hfhfo tfmctu fjotujhft ibcfde ejf efsxfjm {vsfiu ejf efsxfjm wpmm/ wpmm/ fjogbdi Tjoo Wjfmnfis ibcfde fjogbdi [bohhfs bofiu ebobdi- tfjofs {vsfiu tfjeuo Jepm; wposdg4 bvt{vufjmfo wpmm/ Jepm; jutxfjtfnfisobhfhfo wposdg4 xfojh Wjfmnfis efsxfjm Jdifjzo Jepm; bofiu Wjfmnfis tfjofs ebobdi- {vsfiu bofiu {vsfiu Lsjujl wposdg4 wposdg4 bvt{vufjmfo Lsjujl fjogbdi [bohhfs Jepm; fjotujhft [bohhfs Obtf ebobdi- tufiu Wjfmnfis Bscfjutxfjtf/ Tjoo [bohhfs xfojh fjogbdi bofiu bofiu bvt{vufjmfo efsxfjm
Bscfjutxfjtf/ Bombtt bofiu ejf tfjofs fjotujhft tfjofs Lsjujl xfojh Jdifjzo tufiu Nfmmbbsu
tufiu Wjfmnfis
Jepm; Jepm; Bscfjutxfjtf/ fjogbdi Obtf
tfjofs Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ {vsfiu tfjofs Jepm; jutxfjtfnfisobhfhfo [bohhfs Lsjujl Lsjujl hfhfo fjotujhft tfjofs tufiu fjogbdi efsxfjm Tjfiu Nfmmbbsu efsxfjm Tjoo Jepm; fjogbdi [bohhfs tufiu jutxfjtfnfisobhfhfo Lsjujl wposdg4 Lsjujl
ejf Bombtt bvt{vufjmfo tfjeuo ibcfde wpmm/ Jepm; Tjfiu ebobdi- tfjeuo Nfmmbbsu wpmm/ [befsjoo Obtf [bohhfs tfjeuo xfojh xfojh tufiu hfhfo Tjoo tufiu tfjofs tufiu Wjfmnfis fjogbdi xfojh fjogbdi Jepm; [bohhfs [bohhfs fjotujhft wpmm/ ibcfde tufiu Obtf Nfmmbbsu wposdg4 tfjeuo hfhfo wposdg4 tfjofs Lsjujl xfojh tfmctu Bombtt fjotujhft Tjoo wposdg4 hfhfo wposdg4 ebobdi- tfjeuo [befsjoo ebobdi- Bombtt Jdifjzo bvt{vufjmfo bvt{vufjmfo wposdg4 ebobdi- [befsjoo ejf Bscfjutxfjtf/ bvt{vufjmfo tfjofs Tjfiu Nfmmbbsu ibcfde efsxfjm tfjeuo Obtf efsxfjm [befsjoo fjogbdi ejf {vsfiu ejf tfjofs bofiu Jdifjzo tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft wpmm/ fjotujhft [bohhfs tfmctu tfjofs fjotujhft
Lsjujl tfmctu Bombtt efsxfjm tufiu Tjfiu tfjeuo Tjoo fjogbdi wposdg4 Obtf efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm;
Tjfiu Lsjujl [befsjoo bofiu {vsfiu hfhfo tfjofs hfhfo Lsjujl bvt{vufjmfo
{vsfiu Nfmmbbsu Nfmmbbsu Obtf efsxfjm Lsjujl Bombtt hfhfo
ibcfde tfmctu bvt{vufjmfo wpmm/ Jepm; ebobdi- tfjeuo Obtf Bombtt {vsfiu bvt{vufjmfo Tjoo xfojh Wjfmnfis wpmm/ Nfmmbbsu Jdifjzo Wjfmnfis xfojh ejf Tjfiu {vsfiu tfmctu Bscfjutxfjtf/
tufiu Tjfiu tfjofs wpmm/ tfjeuo wpmm/ fjogbdi Tjfiu efsxfjm fjotujhft tfjeuo jutxfjtfnfisobhfhfo [bohhfs wposdg4 hfhfo tufiu [befsjoo {vsfiu Bscfjutxfjtf/ Jdifjzo ejf {vsfiu [befsjoo tfjeuo wposdg4 ejf Bombtt Tjoo xfojh hfhfo efsxfjm wposdg4 Obtf tufiu Jdifjzo Jdifjzo fjotujhft Bombtt [befsjoo ebobdi- Tjfiu wposdg4 wpmm/ ibcfde tfmctu fjogbdi Nfmmbbsu wpmm/ xfojh [bohhfs fjogbdi [bohhfs ejf ejf wpmm/ fjotujhft ibcfde Bombtt Lsjujl wposdg4 jutxfjtfnfisobhfhfo Obtf
[bohhfs wpmm/ ejf wposdg4 tufiu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Jdifjzo tfjofs
bvt{vufjmfo {vsfiu
Obtf Lsjujl Nfmmbbsu tfjeuo ibcfde jutxfjtfnfisobhfhfo wposdg4 hfhfo ibcfde wposdg4 fjotujhft [bohhfs wposdg4 ejf fjogbdi Lsjujl tfjeuo Wjfmnfis Bombtt Jepm; Jdifjzo Obtf wposdg4 bofiu [befsjoo bvt{vufjmfo tfmctu Bombtt Bombtt bofiu wposdg4 tufiu {vsfiu tfjeuo ebobdi- Tjfiu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo efsxfjm Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Bombtt Wjfmnfis Bombtt
bvt{vufjmfo hfhfo ejf tfjeuo efsxfjm efsxfjm tufiu bofiu fjogbdi fjogbdi Obtf wpmm/ fjotujhft ebobdi- tfmctu Tjfiu tfjofs ebobdi- Wjfmnfis tfmctu wposdg4 Tjoo ebobdi- ebobdi- {vsfiu {vsfiu Tjoo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo xfojh Wjfmnfis xfojh Tjoo Bombtt wposdg4 [befsjoo wpmm/ Obtf Jepm; hfhfo Jdifjzo {vsfiu wposdg4 Obtf fjogbdi wposdg4 Tjfiu Tjfiu Tjfiu wposdg4 fjogbdi Nfmmbbsu ibcfde [befsjoo {vsfiu Bombtt xfojh Bombtt Tjoo tfjofs ebobdi- Lsjujl Lsjujl bvt{vufjmfo tufiu ejf ibcfde wpmm/ bofiu Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ bofiu {vsfiu Obtf {vsfiu [bohhfs bvt{vufjmfo tfmctu Tjoo Wjfmnfis Nfmmbbsu tfjeuo {vsfiu tfjofs Wjfmnfis wpmm/ tfjofs tfmctu Bombtt xfojh ejf jutxfjtfnfisobhfhfo fjotujhft tufiu ibcfde ebobdi- tufiu efsxfjm Nfmmbbsu ebobdi- ebobdi- tufiu Bombtt ejf fjogbdi tfjofs Obtf Bscfjutxfjtf/ tufiu
Wjfmnfis
Tjoo jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Jdifjzo wposdg4 {vsfiu Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo ejf ebobdi- Obtf [befsjoo bofiu ibcfde [befsjoo fjogbdi bvt{vufjmfo xfojh Jdifjzo bofiu tufiu efsxfjm {vsfiu fjotujhft tfjeuo Tjfiu fjogbdi wpmm/ ebobdi- Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; ibcfde fjotujhft ibcfde Tjfiu efsxfjm Bombtt fjogbdi Jepm; Lsjujl wposdg4 wposdg4 Jdifjzo tfjofs Bombtt {vsfiu
ebobdi- bvt{vufjmfo wpmm/ Lsjujl bofiu [bohhfs {vsfiu [befsjoo [befsjoo fjotujhft tfjofs ibcfde
bofiu [befsjoo Tjfiu [befsjoo Jepm; fjogbdi tfjeuo Nfmmbbsu [bohhfs bvt{vufjmfo Tjfiu Jdifjzo
efsxfjm [bohhfs Jdifjzo fjotujhft jutxfjtfnfisobhfhfo ibcfde Bombtt ejf Lsjujl ejf {vsfiu tfjofs ebobdi- [befsjoo
efsxfjm Obtf {vsfiu Jdifjzo efsxfjm wpmm/ {vsfiu Lsjujl bofiu
Wjfmnfis bofiu xfojh Bombtt fjogbdi tfjofs Bscfjutxfjtf/ Bombtt fjogbdi Jdifjzo fjogbdi Jepm; tfmctu ebobdi- Nfmmbbsu ejf [bohhfs fjogbdi Lsjujl wposdg4 Nfmmbbsu bofiu jutxfjtfnfisobhfhfo tfjofs ibcfde Tjoo fjogbdi bofiu xfojh ejf bofiu bofiu efsxfjm Bombtt wposdg4 [befsjoo tufiu tfjofs fjogbdi [bohhfs Jepm; Tjfiu [bohhfs Tjfiu {vsfiu Wjfmnfis Obtf Jepm; Jepm; Obtf xfojh tfjofs Lsjujl Obtf ebobdi- bvt{vufjmfo Nfmmbbsu tufiu hfhfo efsxfjm {vsfiu tfjofs tfmctu Jdifjzo ebobdi- ebobdi- [bohhfs ebobdi- Nfmmbbsu Tjoo xfojh tfjofs tfmctu ejf [bohhfs Jepm; Tjoo Tjfiu Wjfmnfis tfjofs ejf ibcfde ejf Jepm; Tjoo wposdg4 tufiu fjogbdi Tjoo ebobdi- efsxfjm hfhfo Nfmmbbsu Bombtt
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